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Key3Media Group, the organiser of the Comdex and Networld Interop trade shows, failed to make a scheduled interest payment on a bank loan and then defaulted on the loan in late December.

Key3Media provided the information on the default in a filing with the US Securities and Exchange Commission (SEC) on 3 January.

The company said that on 17 December it failed to make a scheduled loan repayment and that it had 30 days to make the payment before it was held to be in default on the loan.

However, three days later, Japan's Softbank Holdings and its US subsidiary sold their total stake in the company to Triax Holdings for $1. The transaction left Triax with a majority stake in Key3Media and the change in control of the company put it into immediate default on its bank loan, according to an SEC filing.

In November, as Comdex Fall 2002 was beginning in Las Vegas, Key3Media said it was $300m (£187m) in debt.

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